CrowdProperty hits 1,000 homes milestone
CrowdProperty has reached several milestones, surpassing £75m lent and funding 1,000 homes worth almost £170m.
Throughout the past few months during the Covid-19 pandemic, the property peer-to-peer lending platform has been open for business, helping developers navigate the situation and continuing to fund quality projects.
Read more: Lenders ‘risking reputation’ with pandemic response
The business is seeing record levels of direct applications for funding, including from those which have had funding offers reneged upon by other lenders that have stopped lending.
These developers have been applying for CrowdProperty’s development exit and development finish and exit products, designed to help bridge the period between finishing, or almost finishing, and exiting a development project without excessive costs.
Read more: Property market has picked up since lockdown was lifted
“More than ever, property professionals need a reliable, knowledgeable, responsive and speedy source of capital that behaves and acts like a long-term funding partner, which is exactly how CrowdProperty is positioned,” said Mike Bristow (pictured), chief executive of CrowdProperty, in a blog on the platform’s website.
“We’re a true, long-term funding partner and become a valued part of the developer’s team, adding value throughout their projects as a lender who really understands developers’ needs.
“We have a strong pipeline of projects ahead, all meeting our specialist property team’s exacting standards, which have only ever tightened through six years of lending. We see billions of pounds of applications and very carefully select the best to fund as a lender of first resort.
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“These milestones validate the power of the CrowdProperty solution in solving the fundamental pains evident in the sector for both lenders and borrowers, as well as the wider UK housing market and UK economy.
“Property professionals come to CrowdProperty not because it’s a P2P lender but because we’ve built the best property project lending business in the market to serve their needs best as expert property people offering property finance.”
Read more: CrowdProperty introduces auto-reinvest function for self-select product
